The journal entry that is needed to record the needed adjustment is;
Cost of Goods sold: 1,000 debit
Merchandise Inventory: 1,000 credit
When making the journal entry the company needs to adjust for the lower amount of merchandise that they have. Then the cost of the goods that were sold needs to be debited. Lastly, the merchandise inventory is credited.
It is imperative that all companies keep an updated journal. This helps to keep the balances correct. If the company has an audit and the adjustments aren't made correctly they could be fined.
Learn more merchandise inventory at brainly.com/question/13414269
#LearnwithBrainly
Answer:
Quantitative judgments are mainly based on statistical analysis of acquired data, whereas subjective judgments are dependent on a variety of algorithms such as data kind and quality, influencing variables, hazard identification, and etc.
Consider qualitative aspects that may affect your decision to buy items from a third-party vendor. The supplier's dependability, the quality of its administration, and the grade of its commodities are instances of such criteria.
Answer:
$125,300
Explanation:
The computation of the total manufacturing cost is shown below:
Total manufacturing cost = Direct material cost + direct labor cost + Indirect materials + Factory manager salaries + Factory supplies + Indirect labor + Depreciation on factory equipment
= $40,500 + $39,600 + $15,200 + $7,200 + $9,000 + $6,300 + $7,500
= $125,300
Answer:
C). Compare actual controllable costs with flexible budget data.
Explanation:
The Cost center is very crucial to be determined by an organization as it indirectly bestows its profitability. It is usually calculated by comparing the actual cost generated by the department to the expectations as per the budgeted cost. Thus, the most constructive method to evaluate a cost center would be the 'comparison between the actual controllable costs and the flexible budget data' as it helps in assessing the actual expense incurred during the year and whether it is lesser or greater than the cost estimated in the budget. Hence, <u>option C</u> is the correct answer.
Answer:
The correct answer is letter "B": business.
Explanation:
Business data represents the information of the transactions a company carries out as a result of its operations. Information about suppliers and customers is recorded for control purposes and, mainly, to cover the legal obligation to report the accounting analysis of the firm in the Financial Statements.
Besides, the accounting information of a firm allows managers to compare budget expectations with the current performance of the company to take decisions on what course the entity should follow to reach its objectives.
